By Charles Pemu 
ABUJA – The Central Bank of Nigeria (CBN) and the Bank of Angola yesterday sealed a crucial Memorandum of Understanding (CBN Angola Financial Cooperation) aimed at fostering closer bilateral relations and significantly enhancing capacity across central banking operations.
The agreement was formally endorsed by the Governor of the Bank of Angola, Mr. Manuel Tiago Diaz, and the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, at a high-profile signing ceremony attended by senior financial officials.
Speaking after the signing, CBN Governor Cardoso noted that the MoU had been “long in the making” and described its timely execution as ideal, reflecting the very spirit of global financial gatherings.
Governor Cardoso emphasized the regional importance of the pact, asserting that increased cooperation among central banks is essential to address shared economic challenges and strengthen regional understanding and collaboration across Africa.
“I am very pleased, and I believe this marks a significant milestone for both organizations and both countries,” he stated.
Key Areas of Technical Exchange
Mohammed Abdullai, CBN Deputy Governor for Economic Policy, detailed the scope of the agreement, calling the MoU a “critical development” in pursuing strengthened bilateral cooperation.
He highlighted that the agreement establishes a platform for reciprocal technical exchange and provides an essential framework for core central banking activities. The key areas of cooperation within the CBN Angola Financial Cooperation pact include:
- Financial Market Operations and Foreign Reserves Management.
- Banking Supervision and Regulation, including facilitating border supervision of authorized institutions.
- Currency and Payment Systems Management.
- Exchange Control and Financial Sector Development.
- Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) and market conduct supervision.
Furthermore, Abdullai confirmed that the collaboration will cover the sharing of experiences, training of staff, and providing a framework for licensing and cross-border resolution planning. The pact ensures a transparent, periodic exchange of information, solidifying efforts toward greater financial stability in both nations.